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Bank of India (BoI) has received approval from Sebi, for its proposal to raise up to Rs.3,000 crore via Qualified Institutional Placement (QIP).
In a BSE filing BoI stated, “..Securities and Exchange Board of India (Sebi)..permitted the Bank to raise capital by way of issue of equity shares through Qualified Institutional Placement, subject to the receipt of the approval from the government of India.”
Further it stated that, Sebi has also authorized BoI to achieve minimum public shareholding, in accordance with QIP.
